TB Problem Qu. 11-173 Smyer Corporation makes a product.. Smyer Corporation makes a product with the following standard costs: Standard Price or Rate Direct materials Direct labor Variable overhead Standard Quantity or Hours 5.6 pounds 1.5 hours 1.5 hours S12.00 per pound $31.00 per hour 57.00 per hour Standard Cost Per Unit $67.20 $ 46 50 $ 10.50 The company reported the following results concerning this product in July Originally budgeted output Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials Actual direct labor rate Actual variable overhead rate 5.400 units 5 240 units 31,580 pounds 7.870 hours 34 100 pounds $ 12.17 per pound $ 32.80 per hour 5 6.40 per hour The materials price variance is recognized when materials are purchased. Variable overhead is applied on the basis of direct labor-hours. (Round your answer to the nearest whole dollar amount.) Required: a. Compute the materials quantity variance. Materials quantity variance b Compute the materials price variance Materials price variance C. Compute the labor efficiency variance. Labor efficiency variance d. Compute the labor rate variance Labor rate variance e Compute the variable overhead efficiency variance. Variable overhead elliciency variance f. Compute the variable overhead rate variance. Variable overhead rate variance